ESG 성과가 주가 프로세스 속도에 미치는 영향에 관한 연구: 주가지연현상을 중심으로

ESG management assumes that not only financial performance but also non-financial factors have a significant impact on the sustainability of a company. If ESG activities affect corporate value by enhancing sustainability, ESG performance will have a significant impact on stakeholder investment decision-making. In other words, ESG performance can alleviate information asymmetry by providing non-financial information about long-term corporate value that accounting information cannot convey. The contribution of a corporation’s non-financial activities for sustainability to resolving information asymmetry in an incomplete market is called the signal effect of ESG performance. This study verified the signaling effect of ESG performance by empirically analyzing the relationship between ESG performance and stock price delay. If ESG performance reduces the information asymmetry of stakeholders outside the company, the better the ESG performance, the less the stock price delay in which corporate information is not immediately reflected in the stock price. As a result of analysis using KCGS’ ESG data constructed over the period 2011-2020, we found that the overall ESG performance did not significantly affect the stock price delay, but the governance(G) performance among ESG performances reduced the stock price delay. Depending on the details of governance(G), there are differences in the effect on the stock price delay, and due to the contagious effect of information existing in the large business conglomerates, the higher the ESG performance of the corporations belonging to the large business conglomerates, the more the stock price delay to decrease compared to other corporations. The above results show that ESG plays a role in increasing the speed at which stock prices reflect new information, and this study reveals that the effect of ESG differs between ESG items.